Elvis Presley’s Intellectual Property Rights Sold

Music, photos, movies, licensing and merchandising rights are all part of a package of Elvis Presley's intellectual rights sold to Authentic Brands Group this week. The corporation paid an unknown sum for the rights. They'll also partner in running Graceland.

The Presley family will still own the singer's former house, which is now a tourist attraction bringing over 500,000 fans to Tennessee annually. Lisa Marie Presley said the deal should not be confused with "the fact that the property will always remain with me and my family."

Presley's intellectual property deal could be in the neighborhood of $125 million. That's how much the New York Post reported that ABG was offering one month ago. The company also manages intellectual property of Marilyn Monroe, Bob Marley and Muhammad Ali.

Now that the deal has been finalized, an expansion at Graceland seems likely, and Priscilla Presley suggested as much in her comments on Tuesday (Nov. 18). "This is the opportunity the family has been envisioning to expand the Graceland experience and enhance Elvis' image all over the world," she said, according to the Associated Press.